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Early Ideas on Sovereign Bankruptcy Reorganization: A Survey

Author

Listed:
  • Mr. Kenneth Rogoff
  • Mr. Jeromin Zettelmeyer

Abstract

This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new procedures made from the late 1970s up to an influential lecture by Sachs (1995), with brief reference to the formal economics literature on sovereign debt. Beginning with a paper by Oechsli (1981), several key contributions are made during this period, including the analogy with domestic bankruptcy procedures, an understanding of the inefficiencies in international lending that might justify such procedures, and specific institutional and legal suggestions that continue to play a role in the current debate.

Suggested Citation

  • Mr. Kenneth Rogoff & Mr. Jeromin Zettelmeyer, 2002. "Early Ideas on Sovereign Bankruptcy Reorganization: A Survey," IMF Working Papers 2002/057, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2002/057
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=15752
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    Citations

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    Cited by:

    1. Guido Sandleris & Horacio Sapriza & Filippo Taddei, 2008. "Indexed Sovereign Debt: An Applied Framework," Carlo Alberto Notebooks 104, Collegio Carlo Alberto, revised 2011.
    2. Thomas, Jonathan P., 2004. "Bankruptcy proceedings for sovereign state insolvency and their effect on capital flows," International Review of Economics & Finance, Elsevier, vol. 13(3), pages 341-361.
    3. Guido Sandleris & Filippo Taddei, 2007. "Indexed Sovereign Debt: a Survey and a Framework of Analysis," Carlo Alberto Notebooks 66, Collegio Carlo Alberto.
    4. Jérôme Sgard, 2004. "IMF in Theory: Sovereign Debts, Judicialisation and Multilateralism," Working Papers hal-01065546, HAL.
    5. repec:spo:wpecon:info:hdl:2441/6881 is not listed on IDEAS
    6. repec:hal:wpspec:info:hdl:2441/6881 is not listed on IDEAS
    7. Jérôme Sgard, 2004. "IMF in Theory: Sovereign Debts, Judicialisation and Multilateralism," SciencePo Working papers Main hal-01065546, HAL.
    8. repec:spo:wpmain:info:hdl:2441/6881 is not listed on IDEAS
    9. Barry Eichengreen & Douglas A. Irwin, 2008. "International Economic Policy: Was There a Bush Doctrine?," NBER Working Papers 13831, National Bureau of Economic Research, Inc.
    10. repec:hal:spmain:info:hdl:2441/6881 is not listed on IDEAS
    11. Jonathan P. Thomas, 2004. "Bankruptcy Proceedings for Sovereign State Insolvency," The World Economy, Wiley Blackwell, vol. 27(2), pages 265-279, February.
    12. Belke Ansgar, 2011. "„EU Governance“ und Staateninsolvenz: Optionen jenseits der Kommissionsvorschläge / “EU Governance“ and Insolvency of Governments: Options beyond the Commission Proposals," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 62(1), pages 29-70, January.

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